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Surging inflation squeezing small businesses, Goldman Sachs survey shows
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Soaring inflation and snarled supply chains are crushing small businesses owners, who are struggling to maintain their bottom line and retain workers, according to a new survey published by Goldman Sachs.
The survey of owners from Goldman Sachs' 10,000 Small Business Voices shows that 91% of respondents believe broader economic trends, including red-hot inflation, supply chain issues and a labor shortage, are having a negative effect on their business.
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"Small business owners are stuck between a rock and a hard place as inflation and an uneven economic recovery are impacting every part of our businesses with no end in sight," said Khari Parker, a member of the Goldman Sachs' 10,000 Small Businesses Voices National Leadership Council and the owner of a small business, Connie's Chicken and Waffles, in Baltimore.